Markets are pricing in faster-than-expected psilocybin approval timelines, with October NDA submission odds rising to 31¢ (from 12¢) and July 2027 FDA approval climbing to 48¢ (from 23¢). Compass Pathways achieved consecutive positive Phase 3 results for COMP360, with the company now targeting Q4 2026 NDA submission and potential approval by late 2026 or early 2027. The acceleration follows what Compass described as a "positive" FDA meeting enabling rolling submission, potentially expediting approval by 9-12 months. Markets are betting that COMP360 could become the first classic psychedelic approved in the U.S., marking a watershed moment for the emerging psychedelic medicine sector.